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Shell Shifts Egypt Focus To ‘Integrated Gas’
...e start the firm would – like fellow majors BP and Eni, the other key players off Egypt – have taken more of a long-term view rather than downing tools in response to payment delays. Indeed, whilst BG (and subsequently Shell) blamed EGPC for the collapse in output and the halting from 2014 of LNG ex...
Volume: 62Issue: 43Published at Fri, 25 Oct 2019 -
Aramco: Impressive Output Rebound, But Effects Will Linger
...mn b/d (not including the Neutral Zone whose production, shut in since 2014, is shared with Kuwait), so a claimed 11mn b/d figure implies that 1mn b/d is still shut in. And the 12mn b/d figure has never been tested. Many observers, including MEES, are skeptical that the country could produce at this level fo...
Volume: 62Issue: 39Published at Fri, 27 Sep 2019 -
Qatar Boosts Eni, Total Links With Kenya Entry
...isting work in Oman. QP works less with Total internationally, it has a 15% stake in Total Congo since 2014, while the pair made a discovery offshore South Africa in February (MEES, 8 February). More importantly, Total has a 30% stake in Qatar’s 300,000 b/d Al Shaheen field. CEO Saad al-Kaabi is ad...
Volume: 62Issue: 30Published at Fri, 26 Jul 2019 -
Chevron Phillips Wins Stake At Major Qatar Petchems Project
...a key pillar of Qatar’s efforts to diversify its revenue base away from oil and gas – although clearly the level of diversification is limited. The planned petrochemicals complex marks a considerable turnaround from 2014-15 when QP axed its two petrochemicals projects amid lower prices and a st...
Volume: 62Issue: 26Published at Fri, 28 Jun 2019 -
Thailand’s PTTEP Expands In Gulf With Partex Purchase
...abi’s key onshore concession until January 2014 (MEES, 10 January 2014) – and brings it partnerships with international majors (see table). The key upstream asset is 2% of Oman’s state-led PDO which operates the Sultanate’s largest portfolio of fields, the 610,000 b/d Block 6 (12,200 b/d net). This is...
Volume: 62Issue: 25Published at Fri, 21 Jun 2019 -
Adnoc Targets Big Gains From Transformational Foreign Partnerships
...reamlining of subsidiaries in 2017 (MEES, 20 October 2017). Equally notable is the revolution underway in reshaping Adnoc’s partnerships with foreign oil firms. The number of such firms partnered with Adnoc in its upstream operations has soared from 12 in 2014 to 17 currently (see chart 1). Moreover, th...
Volume: 62Issue: 24Published at Fri, 14 Jun 2019 -
UAE Gas Production, Consumption Rise To Record Levels
...2bcm, to 76.6bcm. Despite the improvement, this still resulted in a shortfall of 11.9bcm over the course of 2018. This was at least the lowest since 2014 and almost 1bcm down on the 2015 peak of 12.5bcm. The UAE has had a gas shortage since 2008, and as this deficit has grown it has increasingly tu...
Volume: 62Issue: 24Published at Fri, 14 Jun 2019 -
Dubai’s Dragon Roars In To Egypt With BP Purchase
...r 2018, up on 2017’s 84,000 b/d: the firm aims to “maintain” output at “around 100,000 b/d” in the coming years. Enoc has released few figures since taking Dragon private in 2015, but an entitlement share in line with 2014’s 56% would net it 52,000 b/d from Cheleken for 2018. The firm’s only ot...
Volume: 62Issue: 23Published at Fri, 07 Jun 2019 -
Algeria’s Touat: June Start Up, July Plateau
...mainder of 2019. The Karam field, where output began in late 2014, is the key producer on the Western Desert concession. Neptune says drilling of the ‘Karam-10’ development well is ongoing following “positive results” from last year’s Karam-9 well. Shell was the key winner of Western Desert acreage in re...
Volume: 62Issue: 22Published at Fri, 31 May 2019 -
IOCs Face Mixed Picture In The Mena Upstream
...e region looks set to slide further. Meanwhile, its overall Mena liquids output fell, ExxonMobil is pressing ahead with expansion work in Abu Dhabi. After its stake at the Adco (now Adnoc Onshore) concession expired in 2014, ExxonMobil’s Abu Dhabi output collapsed from 306,000 b/d to just 16...
Volume: 62Issue: 19Published at Fri, 10 May 2019 -
Abu Dhabi’s Taqa: Upstream Down Despite Price Recovery, Power Steady
...17bn). The collapse of oil prices in 2014 forced Taqa into a ‘transformation program’ in which it slashed capital expenditure and targeted debt reduction (MEES, 17 November 2017). The transformation appears to be working as far as monies owed is concerned, with net debts reduced from AD72.98bn ($19...
Volume: 62Issue: 17Published at Fri, 26 Apr 2019 -
UAE’s Mubadala Sells Cepsa Stake To Investor Carlyle
...TER 2014 BOOST FROM SE ASIA ENTRY *WORKING INTEREST BASIS. SOURCE: CEPSA, PARTNER COMPANIES, MEES ESTIMATES AND CALCULATIONS. 3: CEPSA: REFINED PRODUCTS & PETCHEMS SALES HIT RECORD 31.4MN TONS IN 2018, CRUDE RUNS AT HIGHEST SINCE 2012 SOURCE: CEPSA, MEES CA...
Volume: 62Issue: 15Published at Fri, 12 Apr 2019 -
US Shale: Major Growth Planned, Indies Crimp Spending
...ird fewer rigs (six versus nine) in the oil-focused Midland and Delaware basins. Already for Q4 2018, Apache, with 98,600 b/d oil output, topped 2014’s previous high but with just a fifth of the 42 rigs the company was running in late-2014 (see chart). But whilst output per rig is up massively, th...
Volume: 62Issue: 11Published at Fri, 15 Mar 2019 -
Egypt Oil Output To Fall As Key Producer Apache Slashes Investment
...stain… cashflow” rather than raise output. With fewer rigs and lower capex, Apache plans to drill 40% fewer wells in Egypt this year. For 2019 it plans 70 wells, 30 exploration and 40 development, down from 115 for 2018. This in turn is well down on the 2014 peak of 220. Of 2018 wells, 45 were ex...
Volume: 62Issue: 10Published at Fri, 08 Mar 2019 -
Upstream Investment: Is ‘More For Less’ The New Normal?
...euillac] and his team.” Whilst Total’s capex fell by 35% between 2014’s $26bn and the planned $16-17bn figure for 2019, gains in purchasing power have largely made up for this. “$1 of capex this year, is not [equivalent to] $1 that we spent five years ago… With $1 of capex [today] I can make 30-40% mo...
Volume: 62Issue: 07Published at Fri, 15 Feb 2019 -
Qatar Seizes Golden Opportunity For US Cooperation
...C) contract for the project, with work to start this quarter. Chiyoda and McDermott previously carried out FEED work under a 2014 contract. Chiyoda has also been heavily involved in the ongoing development of Qatar’s LNG sector. Work includes the construction of three liquefaction trains of ap...
Volume: 62Issue: 06Published at Fri, 08 Feb 2019 -
Saudi Kicks Off 2019 Fundraising With $7.5bn Bond Issue
...test bond issue will partially cover 2019’s projected deficit of $35bn. According to the Saudi Finance Ministry, debt in 2019 will rise by $31.5bn to $180.8bn (21.7% of GDP), implying that considerably more debt would be raised this year. Following the collapse in oil prices in 2014, the kingdom be...
Volume: 62Issue: 02Published at Fri, 11 Jan 2019 -
Adnoc Adds To Gulf LNG Bunkering Plans With Inpex Tie-Up
...thorities have previously considered adding LNG bunkering to their capabilities (MEES, 4 July 2014). As a major established hub, it makes sense to add a new string to Fujairah’s bow with LNG bunkering rather than seek to create an alternative location. Fujairah currently receives gas from Qatar via the Do...
Volume: 61Issue: 49Published at Fri, 07 Dec 2018 -
Eni Grows North African Presence
...natrach CEO Abdelmoumen Ould Kaddour, Algeria has made a flurry of deals with IOCs in recent months although crippling red tape often means projects are subject to major delays. Firms are wary of this, resulting in underwhelming interest in the country’s most recent 2014 bid round which saw a meagre fo...
Volume: 61Issue: 44Published at Fri, 02 Nov 2018 -
Services Firms: Mideast Growth Picks Up, But US Slows
...-track to have mobilized 25 rigs by the end of the year.” This is certainly a boost for the kingdom as its rig count has averaged 115 during the first nine months of 2018, the lowest since 2014. Mideast revenue gains were “partially offset by lower hydraulic fracturing activity as a major contract wa...
Volume: 61Issue: 43Published at Fri, 26 Oct 2018